M&A Deal Summary

Hyatt Acquires Exhale

On October 1, 2017, Hyatt acquired leisure company Exhale from Brentwood Associates and Breakwater Management

Acquisition Highlights
  • This is Hyatt’s 2nd transaction in the Leisure sector.
  • This is Hyatt’s 4th transaction in the United States.
  • This is Hyatt’s 1st transaction in New York.

M&A Deal Summary

Date 2017-10-01
Target Exhale
Sector Leisure
Buyer(s) Hyatt
Sellers(s) Brentwood Associates
Breakwater Management
Deal Type Add-on Acquisition

Target

Exhale

New York, New York, United States
Exhale Spa is an operator of urban day spas that integrate healing and wellness services under one roof. These services include therapeutic spa treatments, high tech skincare, and mind-body movement classes. Exhale was formed in 2001 and is based in New York City.

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Buyer(S) 1

Buyer

Hyatt

Chicago, Illinois, United States

Category Company
Founded 1957
Sector Leisure
Employees51,000
Revenue 6.7B USD (2023)
DESCRIPTION

Hyatt is a hospitality company, develops, owns, operates, manages, franchises, licenses, or provides services to hotels, resorts, and other properties. Hyatt House hotels offer apartment-style suites with full kitchens, living areas, and more, including a 24-hour gym, and in-house laundry. Hyatt was founded in 1957 and is based in Chicago, Illinois.


DEAL STATS #
Overall 4 of 9
Sector (Leisure) 2 of 6
Type (Add-on Acquisition) 4 of 8
State (New York) 1 of 3
Country (United States) 4 of 8
Year (2017) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-18 Miraval

Tucson, Arizona, United States

Miraval is a provider of wellness and mindfulness experiences. Miraval was established in 1995 and is based in Tucson, Arizona.

Buy $215M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-30 Two Roads Hospitality

San Francisco, New York, United States

Two Roads Hospitality brings together thirty-three boutique hotels operated by Joie de Vivre Hospitality and twelve luxury Thompson Hotels. Two Roads Hospitality was founded in 2011 and is based in San Francisco, New York.

Buy -

Seller(S) 2

SELLER

Brentwood Associates

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1972
PE ASSETS 2.4B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Brentwood Associates is a private equity firm focused on long-term investments in middle-market growth companies. Brentwood typically targets investments in consumer-related businesses. Specific areas of interest include action sports/outdoor lifestyle products, business services, consumer products/services, direct marketing, distribution, education, health/wellness, marketing services, specialty media, specialty retail, and sporting goods. Brentwood's preferred equity investment size is $50 to $200 million. Brentwood Associates was formed in 1972 and is based in Los Angeles.


DEAL STATS #
Overall 23 of 30
Sector (Leisure) 2 of 2
Type (Add-on Acquisition) 9 of 12
State (New York) 2 of 2
Country (United States) 21 of 28
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-14 Blaze Pizza

Pasadena, California, United States

Blaze Pizza is a modern day “pizza joint,” serving up artisanal pizzas that are both fast and affordable. With fans lining up each day for their custom-built pizzas, freshly made salads, blood orange lemonade and s’more pies, the innovative fast-casual concept has quickly become one of the hottest restaurant chains in the country. Each Blaze Pizza restaurant features an interactive open-kitchen format that allows guests to customize one of the menu’s signature pizzas or create their own, choosing from a wide selection of fresh, “clean” ingredients all for about $8. Blaze Pizza was founded in 2011 and is based in Pasadena, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-24 SMG

Kansas City, Missouri, United States

SMG is a provider of customer experience, employee engagement, and brand research software solutions and services to clients in the restaurant, retail, grocery, convenience, travel and entertainment, professional services, and healthcare industries. SMG collects consumer feedback data via more than 200 million surveys annually across location, online, contact center, and social channels. SMG was founded in 1991 and is based in Kansas City, Missouri.

Buy -
DESCRIPTION

Breakwater Investment Management is a private investment firm focused on providing loans and growth capital financing to owner-entrepreneurs and sponsor-backed businesses in the lower middle-market. The Firm looks to invest at least $20 million in profitable companies (> $5 million of EBITDA) throughout the US and Canada. Breakwater Investment Management was formed in 2009 and is headquartered in Los Angeles, California.


DEAL STATS #
Overall 5 of 10
Sector (Leisure) 1 of 1
Type (Add-on Acquisition) 3 of 6
State (New York) 1 of 1
Country (United States) 5 of 10
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-01 Hamilton Captive Management

Hilton Head Island, South Carolina, United States

Hamilton Captive Management specializes in bringing captive insurance solutions to private companies, high-net-worth individuals, and families. Hamilton Captive Management prides itself on its client-centered and customized approach to its growing base of clients. Hamilton Captive Management was founded in 2013 and is based in Hilton Head Island, South Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-19 Bear Down Brands

Santa Ana, California, United States

Bear Down Brands is a developer and marketer of major, branded home, health and wellness products. Bear Down has capitalized on the secular shift to e-commerce through its diversified portfolio of humidifiers, air purifiers, personal care products, lunch and food storage, and other products through its three premier brands. Bear Down Brands was founded in 2011 and is based in Santa Ana, California.

Buy -